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Iron Bridge Resources Announces Initial, Enhanced Gold Creek Well Production Rates

Nachrichtenquelle: Marketwired
17.05.2018, 15:15  |  324   |   |   

CALGARY, Alberta, May 17, 2018 (GLOBE NEWSWIRE) -- Iron Bridge Resources Inc. (“Iron Bridge”, “IBR” or the “Company”) today is pleased to report initial production rates from its recent Gold Creek completions program in addition to providing the Company’s estimated Gold Creek productive capacity from its existing wells (both producing and shut-in).

In February 2018, the Company conducted high-intensity completion operations and corresponding in-line production testing on two (2.0 net) Gold Creek Montney development horizontal wells (the “8-21” and “02/8-21”). These wells are located on the same surface pad site as the legacy horizontal Montney producers (the “15-23”, “4-18” and “3-22” wells).  

The 8-21 and 02/8-21 wells were fracture stimulated with tighter stage spacing, longer lateral length and increased proppant intensity relative to the legacy wells previously completed by the Company. The two wells averaged approximately 2,600 metres (~8,500 feet) in lateral length, 76 frac stages and 4,560 tonnes of sand proppant per well, reflecting a significant increase in frac intensity.  

After the 8-21 and 02/8-21 wells were production tested in-line, the wells were shut-in to facilitate permanent tie-in operations. With resumption of production on April 23, 2018, and in conjunction with its production test, the 02/8-21 well has now achieved its IP30 rate. The 8-21 well resumed production on April 29, 2018. Both the 02/8-21 and 8-21 wells are being flowed utilizing a controlled flow-back method and a backpressure of approximately 4,500 to 5,000 kPa (653 to 725 psi) is being applied. 

The following table provides details on initial production rates from IBR’s two new Montney horizontal wells:  

    Light Oil NGLs NatGas Oil Equivalent Completion Stages
  U.W.I (Bbls/d) (Bbls/d) (Mcf/d) (boe/d) (6:1) (#)
IP30 02/8-21-68-3W6 (1) 367 207 7,380 1,804 80
IP17 8-21-68-3W6 (2) 232 159 5,680 1,338 72

Table Notes:

  1. 02/8-21 production data is based on field estimates and reflects average daily production over a cumulative flow, producing period of 30 days.
  2. 8-21 production data is based on field estimates and reflects average daily production over a cumulative flow, producing period of 17 days.

Iron Bridge’s total flowing productive capacity from its five (5.0 net) operated Gold Creek Montney horizontal wells (both producing and shut-in), is estimated at 5,000 boe/d. The Company is currently only flowing the new wells through its battery, however, it will be bringing the three legacy wells back on-production in an orderly process. 

At Gold Creek, Iron Bridge holds a large acreage position of 49,920 gross acres (49,600 net acers) with substantial resource potential. Asset development of the Montney formation will be focused on horizontal drilling with increased frac and proppant intensity. These technical enhancements, coupled with operational efficiencies in spud-to-on-stream cycle times, emulsion management and infrastructure optimization, will provide the key to unlocking the vast potential of the Company’s Gold Creek Montney asset.

For more information, please contact:

IRON BRIDGE RESOURCES INC.                                                                    

Rob Colcleugh                                    
Chief Executive Officer                     
(403) 930-6333                                   
rcolcleugh@ironbridgeres.com           

Dean Bernhard
Vice President, Finance and Chief Financial Officer
(403) 930-6304
dbernhard@ironbridgeres.com

Suite 1200, 500 - 4th Avenue SW
Calgary, Alberta, Canada
T2P 2V6

Abbreviations

bbl or bbls barrel or barrels Mcf/d thousand cubic feet per day
Mbbl thousand barrels MMcf/d million cubic feet per day
bbls/d barrels per day MMcf Million cubic feet
boe barrels of oil equivalent Bcf billion cubic feet
Mboe thousand barrels of oil equivalent psi pounds per square inch
boe/d barrels of oil equivalent per day kPa kilopascals
NGLs natural gas liquids GJ Gigajoule
WTI West Texas Intermediate GJ/d Gigajoules per day
AECO Alberta Energy Company IP17 Initial production on the first 17 days of production
    IP30 Initial production on the first 30 days of production

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